Private Equity

PE Fund Investments

KKR to buy the 90-km Navayuga Udupi Tollway in Karnataka for Rs.924-Cr

Economic Times  

Global private equity firm KKR is to acquire 100% equity stake in Hyderabad-based Navayuga group's toll road - Navayuga Udupi Tollway - at an enterprise value of INR 924 crore. Navayuga Udupi Tollway owns and operates a 90.1 km road project located in Karnataka, comprising the Kundapur-Surathkal section of 74.8 km and the Mangalore-Kerala border section of 15.3 km. The road project is part of the national highway 66 which connects Mumbai to Kanyakumari. The toll road has a concession period of 25 years starting 2010. The acquisition of the road asset will be done through an infrastructure investment trust (InvIT) set up by KKR to house all the operating road assets that it acquires. It will be funded by raising debt at the InvIT level as well as via internal accruals. The road has been collecting toll since 2017 and generates INR 80 crore of revenue per year.